Swedish property group Fastighets AB Balder on Monday announced a planned leadership succession, with founder and Chief Executive Erik Selin set to become executive chairman in 2026.
The company's board has appointed current Deputy CEO Sharam Rahi to take over the CEO role following the company's annual general meeting in two years.
Selin, who has led the company for two decades, will remain CEO until the transition is complete.
"After two decades as CEO of Balder it is the right time to pass on the daily operational responsibilities to Sharam, who has been a key player ever since Balder’s journey began," Selin said in a statement.
Rahi has been with Balder since its inception, most recently overseeing all of the company's operations as deputy CEO.
In his new role as executive chairman, Selin will focus on capital allocation, investments, and financing, the company said.
The proposal from the company's largest shareholders also includes current Chairman Sten Dunér stepping down to serve as a regular board member.
The Gothenburg-based company owns and manages residential and commercial properties in six European countries, with a portfolio valued at 226.1 billion Swedish Kronor as of June 30.
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